Oceanfront mansion sites hit with foreclosure

A collection of properties slated for luxury homes, including oceanfront sites, in Broward and Palm Beach counties have been targeted for foreclosure.

Hillsboro Land Investments, which is managed by Michael Levy, filed a foreclosure lawsuit Nov. 13 against John B. Kennelly, Antipodean Properties, Estates of Boynton Waters West Corp. and Remi Hillsboro LLC. It concerns a mortgage last modified at $8.4 million in August.

On the same day, Palms Mortgage Investment LLC, which is also managed by Levy, filed a foreclosure lawsuit against Kennelly and Remi Hillsboro over a $3.4 million mortgage.

Among the properties threatened with foreclosure are six parcels, for a combined 13.7 acres, along Hillsboro Mile/A1A in wealthy Hillsboro Beach. All of them are either on the ocean or the Intracoastal Waterway. Kennelly was planning to develop mansions there. None of them have an official address.

The other sites targeted for foreclosure are:

A vacant, waterfront site of 10,484 square feet at 2511 N. Riverside Drive in Pompano Beach, plus a neighboring vacant site of 7,950 square feet.

Vacant, waterfront sites of 10,736 and 9,078 square feet at 2884 and 2886 N.E. 30th St. in Lighthouse Point.

Homes of 5,553 and 4,588 square feet at 6819 and 6825 Cobia Circle in Estates of Boynton Waters, west of Boynton Beach.

A 10,212-square-foot house at 1356 Sabal Palm Drive in the Boca Raton Yacht & Country Club.

Fort Lauderdale attorney Charles Lichtman, who represents both Hillsboro Land and Palms Mortgages in the lawsuits, couldn’t be reached for comment.

This isn’t Kennelly’s first go-round with foreclosure. He previously lost homesites in the Estates of Boynton Waters to other lenders.

Stalled Sunny Isles Beach condo project to auction

The stalled Solis Resort Spa & Residences project in Sunny Isles Beach is headed to auction after its owner lost a $36.2 million foreclosure judgment.

Soloser LLC, which is managed by prolific condo developer Gil Dezer, won the judgment against Mansiana Ocean Residences and managing member Alexander Forkosh, CEO of New York City-based Forkosh Development Group, over a $17.5 million mortgage. The lawsuit was filed in 2010 by Mercantil Commercebank, which later sold the loan to Dezer’s company.

Wells Fargo Bank provided a $10 million mortgage to Soloser to help it buy the loan.

The ground was broken on the 52-story Solis in 2007, but only nine stories were built before construction stalled. It had approval for 135 residential units and 140 guestrooms.

The beachfront site, at 15701 Collins Ave., is set for online auction Nov. 20. It was previously purchased for $26 million in 2005.

Bank of America Center loses $26M foreclosure

Bank of America Center in West Palm Beach is headed to auction after its owner consented to a $26.7 million foreclosure judgment.

Westmont, Ill.-based Napleton Acquisition won the judgment against I&G Direct Real Estate 14 over an $18.55 million mortgage, plus interest and fees. The plaintiff recently acquired the loan from a commercial mortgage-backed securities (CMBS) trust at a 39 percent discount.

The 108,482-square-foot office building, at 625 N. Flagler Drive with a view of the Intracoastal Waterway, is set for online auction Dec. 19.

Nearly 61,420 square feet in the building are available for lease, according to its online advertisement. Its main tenants are Bank of America and Becker & Poliakoff.

NAI/Merin Hunter Codman Chairman Neil Merin is the court-appointed receiver for the property.

BBX seizes 114-acre site

An affiliate of BBX Capital Corp. seized a 114-acre agricultural site in Hialeah that was planned for homes.

BBX Capital Asset Management, which is part of the Fort Lauderdale-based company (NYSE: BBX) that used to own BankAtlantic, won the Nov. 5 foreclosure auction with a bid based on its $89.2 million foreclosure judgment against 114 Acres Hialeah LLC. The complaint did not name the managing members of the borrower, Jose R. Boschetti and Martin H. Caparros Jr. of Prestige Builders Group.

The developer paid $29.7 million for the property in 2004 and secured a $37.9 million mortgage with BankAtlantic as the lead lender. Miami Lakes-based Great Florida Bank (Pink Sheets: GFLB) was a minority participant in the loan. That loan remained with BBX after the bank was sold to BB&T Corp. (NYSE: BBT).

As reported in April, BBX purchased Great Florida Bank’s 32.2 percent interest in the 114 Acres Hialeah loan for $9 million, a $500,000 premium over its fair value. The transaction was fully financed by a loan from Great Florida Bank to BBX.

Distressed airport business park loan sold

Although he lost the above property, Boschetti could be getting another project soon.

First-Citizens Bank & Trust sold the distressed loan on an airport business park in Miami to a group that includes Boschetti.

The bank previously won an $8.4 million judgment against West Airport Palms Business Park LLC, Alexander Montero and Hector Obgregon. The online auction date was moved to Jan. 17 from Nov. 5 because the borrower appealed the ruling.

First-Citizens recently sold the loan to WAP Holdings, which is based in Coral Gables and managed by Boschetti and Rene Brillembourg. The property consists of 42 commercial condos at 2355 N.W. 70th Ave.

Boschetti knows plenty about foreclosure, but on the defendant side. He’s been hit with numerous foreclosure lawsuits in Miami-Dade and Broward counties, and has lost large properties to his lenders, including the 114 Acres Hialeah site mentioned above.

Industrial building loses $8M foreclosure

In another case, BBX Capital won an $8.2 million foreclosure judgment over an industrial building in Hialeah.

TDM Red Road LLC, along with managing member Todd A. Ruderman, lost the judgment over a $4.9 million mortgage, plus interest and fees. The loan was originally from BankAtlantic.

The 26,451-square-foot warehouse on 7.6 acres at 7755 W. Fourth Ave. will be set for auction at a later date, subject to the Chapter 11 case of the debtor in U.S. Bankruptcy Court.

The site formerly housed a towing yard, but the city revoked its permit for towing business at the request of the property owner because the towing company left.

TDM Red Road bought the building for $7 million in 2006.

Miami Lakes Corporate Center to auction

Most of the units in the Miami Lakes Corporate Center Condominium are headed to auction after their owner lost an $8.2 million foreclosure judgment.

Branch Banking & Trust Co. won the judgment against New Dawn Miami Lakes, along with managing members Jack Kaplan and Eduardo Avila, over a $7.6 million mortgage, plus interest and fees. The loan was originated by Colonial Bank, which later failed.

The 41 office condos at 14750 N.W. 77th Court are set for online auction Dec. 6.

New Dawn Miami Lakes bought the building, which was constructed in 1985, for $13.9 million in 2006 and converted it into office condos. Only five units were sold by the developer.

Ocean Bank sells problem loan

Ocean Bank sold the distressed loan on an industrial building in Doral to an investor from Hialeah.

The Miami-based bank filed a foreclosure lawsuit in 2011 against Doral Park of Commerce, along with managing members Julio Arriaga and Barry Beschel. It concerned a $2.85 million mortgage issued in 2007 – a year after the property was bought for $2.1 million.

The site targeted for foreclosure is the 27,566-square-foot facility at 5050 N.W. 74th Ave.

Ocean Bank recently sold the loan to East Doral Park VF Venture, which is managed by Paul H. Freeman in Hialeah.

The lawsuit remains pending.

Palm Beach Gardens office escapes foreclosure

The $15.5 million foreclosure lawsuit over a Palm Beach Gardens office building is no more.

U.S. Bank, representing a CMBS trust, filed the foreclosure lawsuit on June 28 against MB Properties, along with managing members Mark D. Bosses and Barbara Bosses. It concerned the 45,495-square-foot building at 3501 PGA Blvd., near the Palm Beach Gardens Mall.

The lender withdrew the lawsuit Nov. 8 after a confidential settlement was reached. It doesn’t appear that the property was sold or refinanced, according to a check of court records.

CMBS analysis firm Trepp LLC reported in September that the borrower submitted a plan to correct the loan default.

Little Havana apartment refinanced to avoid foreclosure

The Camaguey Plaza apartment building in Miami’s Little Havana resolved foreclosure and Chapter 11 cases by finding a new lender.

In June, Weston-based Florida Community Bank won a $4.6 million foreclosure judgment against Camaguey Plaza LLC, along with managing members Nuri Dorra, Juan C. Hernandez and Carlos M. Hernandez. It concerned a $3.7 million mortgage.

The borrower filed Chapter 11 in U.S. Bankruptcy Court to stall the foreclosure auction. That turned out to be a smart move.